Poster 1

Economic Overview

  • Predominant Economic Interest: Organizations or individuals maintain a center of predominant interest in the economy.

  • Impact of Trade Frictions & Global Events: Influences such as Sino-US trade frictions, global economic slowdown, local social incidents, and COVID-19 affected Hong Kong's economy.

Economic Indicators

  • Private Consumption & Capital Formation: Significant drop in private consumption expenditure and fixed capital formation.

  • GDP Figures: Hong Kong’s GDP contracted by about 9% in real terms, with an annual GDP growth rate of -6.5%, indicating a deep recession.

Understanding GDP

  • Definition of GDP: Total value of production by resident units in an economy over a specified period.

  • GDP Measurement Approaches:

    • Expenditure Approach:

      • Private consumption + Gross investment + Government consumption + Exports - Imports

    • Income Approach

    • Production Approach

  • Impact of the Pandemic:

    • GDP growth rebounded to 6.3% but still remains lower than 2019 levels.

    • Continued impact of the pandemic and geopolitical tensions contributed to a decline of around 3% in annual GDP in 2022.

Consumption Trends

  • Cultural Consumption: Highlights from local cultural institutions:

    • Palace Museum received nearly 7,300 visitors.

    • M+ Museum attracted nearly 19,000 visitors.

Strategies to Improve GDP

  1. **Create New Consumption Scenes: **Focus on cultural and leisure consumption to revive the economy.

  2. Support New Business Development: Promote a balance between work, leisure, and sports, giving special attention to health care and new business models.